Monthly Archives: December 2019

piggy-bank

How to Rebuild Your Emergency Fund

It finally happened – you had to spend your emergency fund. The good news is you had a fund, but the bad news is you spent it. Where do you go from here and how do you rebuild what you had? We wanted to offer some insight on ways you can begin to rebuild your emergency fund for the next rainy day.

Say ‘Bye’ To The Unnecessary 

That gym membership and extra show subscription will have to be canceled for now. You can get by without, as saving for the next emergency is more important than having Netflix, Amazon Prime, Hulu and HBO all at once. Find the right balance though, as it’s still okay to treat yourself every once in a while with a small expense.

Put Other Goals On Hold

If you were hoping to renovate your home or go on a big vacation, you still can, but maybe just wait a little. All that savings you were adding to that fund could partially be transferred into your new emergency account. It’s important to stay prepared, as you never know when the next disaster might strike.

Get A Side Gig

Acquiring another job can be very beneficial for making money quick. Use your marketing skills to do some work for clients on your own or wait tables for a few months. This will help you get back on track before you know it. Tutor, give music lessons, babysit, pet sit, dog walk or design wedding invitations – whatever your skills or availability, you can find a side gig that works for you.

Start Saying ‘No’

You don’t have to turn down every opportunity, but try to say ‘no’ here and there while rebuilding your funds. Should you be spending money on eating out if you already did it once this week? No. Should you spend money on a new outfit or tickets if you already treated yourself this month? No. Be a little more stingy while saving again, as it’ll come in handy the faster you replenish your fund if something happens suddenly.

Sell Something

You have plenty of clothes and decor that are no longer of use to you. There are probably old electronics lying around as well that you don’t use anymore. See what you can sell online or bring to a thrift store for a couple of bucks. You’re decluttering and adding money to your account – we couldn’t be more proud of you! 

Don’t let this minor setback discourage your financial independence. You were well-prepared by having your first emergency fund in place, so now it’s time to make the next one bigger and better than ever. If you’re looking for a great place to store that rainy day fund, our savings accounts are always available for you!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

money-goal

Best Ways to Create a Money Goal for 2020

With just a little work, you can map out your financial goals for the upcoming year. With money, it can seem overwhelming or tricky to know where to begin. Luckily, Peoples Bank & Trust is here to help! We’ve come up with some of our favorite ways you can create your money goal for 2020.

Figure Out Your Finances

The first step you should take is to calculate how much income you take in each month after expenses. You may feel that you have a good estimate, but once you start racking up all the costs, you’ll be surprised how much you are left with. Once you’ve subtracted all expenses (gas, groceries, eating out, rent, utilities, mortgage, etc.) from your income, decide where you can drop off some of those expenses.

Track Your Expenses

Use an app or a pen and paper to keep track of your spending to be sure you account for all expenses. If you want to reduce your spending in order to put even more money toward savings, identify your needs and wants and try to indulge in the wants less. This will help you create a specific way to spend less in order to meet your money goal.

Evolve Your Emergency Fund

Another great goal for 2020 would be to create a bigger and better emergency fund. Start the year off right knowing you’re covered if the unexpected happens. This will help you live with confidence, instead of worrying paycheck to paycheck if something could pop up that you aren’t ready for. This will make you feel more secure when reaching towards whatever goal you set.

Create Accountability

If you stop saving towards your goal and start spending a little extra here and there, who’s going to care? That is the mindset you need to get past in order to stay on track toward your money goal. You need to create accountability in order to feel like you are responsible for making this goal actually happen. Find someone like a parent, friend or spouse you can talk to, so they can encourage you to keep on the right path.

Follow An Actual Plan

Having a real plan put into place on how you’ll accomplish your money goal is vital to your success. Knowing what you bring in, what you spend, what you’ll cut, how you’ll cut those expenses and so on will allow you to keep on keeping on. If you don’t know where to start, follow Dave Ramsey’s 7 Baby Steps:

  • Baby Step 1: Save $1,000 for Your Starter Emergency Fund
  • Baby Step 2: Pay Off All Debt (Except the House) Using the Debt Snowball
  • Baby Step 3: Save 3–6 Months of Expenses in a Fully Funded Emergency Fund
  • Baby Step 4: Invest 15% of Your Household Income in Retirement
  • Baby Step 5: Save for Your Children’s College Fund
  • Baby Step 6: Pay Off Your Home Early
  • Baby Step 7: Build Wealth and Give

With these helpful hacks, you’ll be able to start your money goal of 2020 off right. We offer plenty of places to put your savings or build for retirement if one of those are your goals. Check out our site to see how we can help you!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

debit-card

Tips to Keep Your Cash Safe Online & In Stores

The holidays have hit, which means criminals are out and about looking to steal whatever information they can. Retail fraud attempts increased by 30% during the holidays in 2017. Being extra aware this season will help you keep your money safe, online and in stores, by using some of these simple tips!

Use Your Chip Card

Cards have upgraded to now have an EMV chip included in them. This offers an extra layer of security, as the card generates a one-time code for the transaction. If your card information is stolen, a thief can’t use that specific code to buy anything else so it prevents further losses.

Watch Your Surroundings

It’s very important during the holidays to think about protecting yourself, and not just your finances. Be alert when walking to your vehicle and don’t let strangers help you hold your bags, purse, phone or wallet. Make sure when you shop that you put your bags in your trunk and lock the car. This helps you lessen the chance of someone breaking in to steal your items if they can’t see them.

Update Your Computer

You will be doing plenty of online shopping, which means you’re entering your information over and over on different sites. It’s important to make sure you’re installing all updates, so your computer has less of a chance at getting a virus or malware. Keep your system operating smoothly by adding anti-virus software and setting all updates to be automatic.

Turn On Alerts

Many cards and accounts have alerts that will text and email you if a certain spending cap is hit. Set this up, so you can be notified of any purchases you didn’t make. Then you can cancel your card before it’s too late!

Check Your Statements

You can easily check your statements to make sure there is no unwanted activity, as well as look at your online account to see if any strange purchases have been made. You can also check your credit report, so you can report anything suspicious right away.

Avoid Pop-Ups

There will be plenty of crazy deals around this time popping up on blogs and sites. Don’t respond, click on the links or call the phone numbers. It’s better to be safe than sorry during these times. You can, however, click the links on trusted sources that garner the ‘s’ in ‘https://’ on a URL.

Lighten Your Wallet

Take out extra cash and cards – anything that you truly don’t need. This will keep your funds safer while you shop. Thieves are very good at taking anything they see as an opportunity, especially when shoppers are distracted trying to find the best prices in the store.

With these great tips, you’ll be able to keep your money safe in stores and online this holiday season. We also offer safe and secure online and mobile banking – here you’ll be able to check your finances to be sure everything is as it should be!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

holiday-saving

Have You Thought About These Holiday Saving Hacks?

It’s the holidays! As they come closer, you’ll want to be preparing your budget for the food and presents you’re buying. But, be careful not to overspend! Here are our top sanity-saving holiday hacks to follow.

Be Frugal Online

Use cashback apps like Ibotta and Ebates when you shop online for the holidays to save money and earn bonuses. There are also ways to earn free gift cards online when you take surveys, such as using a program like Swagbucks.

Simplify Your Giving

Don’t go all out and buy new clothes for everyone. Think of simple and sweet gifts, like a dessert platter full of your family member’s favorite sweet treats. You can also decide to do no gifts and just play a family giving game like White Elephant.

Use An App

You can use apps like ShopSavvy to do your comparison shopping. Just scan the item’s barcode with your phone, and the app will tell you if you can find that item for less at another store. You can also use your phone to download a budget app, as this will help you keep your spending for the holiday meals and gifts in check.

Save On Shipping

Chris Hogan, a personal finance expert, states, “The U.S. Postal Service offers flat-rate boxes in different sizes, so pack as much as you can into a box (within weight limits) and save on shipping. Or take advantage of free shipping offers when you buy online.”

Re-gift

We all have items piling up around the house that have never been worn or are collecting dust. They are perfectly good candidates to become gifts to those who would actually use them! Do some investigating and find those secret treasures you can re-gift this holiday season to save big.

Invest in Experiences

Instead of spending money on gifts and family get-togethers, talk about doing a trip or finding something fun close to home to experience. There are plenty of great adventures you can find for you and your family to do – without spending extra money on presents and meals.

Survive this holiday season with these tips and tricks! Staying within your budget means you need to keep a handle on your expenses, even during these times. Our savings account would be a great place to store some of that cash, so you don’t go spending it all at once!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender